Karachi: The KSE-100 Index experienced a significant decline, losing 1,778 points to close at 171,116, with a total of 1,022 million shares traded. The session saw notable price changes, with GADT, PIOC, and HCAR witnessing top performance, while FCCL, INIL, and ABOT emerged as the leading decliners. The concentration of trading activity was primarily in the Power, Technology, and Oil Marketing Companies (OMCs) sectors.

According to Taurus Securities Limited, this market movement comes amid a backdrop of various economic and geopolitical developments. The International Monetary Fund (IMF) recently approved a $1.32 billion disbursement to Pakistan, while the government is planning to raise Rs6.8 trillion through T-bills and bonds in the coming months. Additionally, the government has tabled a sovereign wealth fund bill in the Senate and is set to issue its first 'Panda bond' next week.

In related economic news, the price of petrol was increased by Rs14.92 and High-Speed Diesel (HSD) by Rs15, in alignment with IMF recommendations to keep fuel prices in line with costs. The Economic Coordination Committee (ECC) has approved a used vehicle re-export scheme, which is expected to attract a $300 million investment. Meanwhile, the State Bank of Pakistan has extended CIF-based petroleum imports until July 2026, and the government is poised to scrap the tax on oil machinery imports.